USMC Fully Transitioning to PLTR-Derived ODIN System in July

研报英文原文证据摘录

USMC Fully Transitioning to PLTR-Derived ODIN System in July

H O T C O M M E N T

J u n e 2 9 , 2 0 2 6

Palantir Technologies, Inc. (PLTR) Overweight

CONCLUSION PRICE: US$112.93

The U.S. Marine Corps announced it will fully transition all of its operational reporting to TARGET: US$230.00

ODIN, the Operational Data Integration Nexus on July 7th. ODIN is a next-generation, 72x CY30E EV/FCF, discounted back by 12%.

data-centric application housed within the Maven Smart System (MSS) and will replace This assumes $6.8B net cash and 2.58B

a manual document-centric process for Situation Reports (SITREPs). This marks another shares.

service-branch software mandate built around the Maven Smart System. Marine Corp

Clarke JeffriesCommanders are required to activate MSS licenses ahead of the transition and designate Sr. Research Analyst, Piper Sandler & Co.

key personnel to the platform. The USMC first acquired an enterprise license for MSS in 503 275-8318, clarke.jeffries@psc.com

Aug./Sept. 2025, now required less than 10 months later. This follows announcements

earlier this year calling for 'aggressive' MSS expansion to consolidate multiple CJADC2 RISKS TO ACHIEVEMENT OF

deployments across the department. We remain bullish on Palantir's govt opportunity. PT & RECOMMENDATION

Timeline of Major Awards & Events Related to Maven Smart System Adoption Competition, large-scale projects, government

exposure, founder voting control

• May 2024 — Initial $480M, Five-Year U.S. Army Contract Price Performance - 1 Year

DoW to expand use to MSS to thousands of users at five combatant ◦Allows USD

commands: U.S. Central Command, European Command, Indo-Pacific Command, 220

Northern Command, and Transportation Command.

• September 2024 — $99.8M, Five-Year Multi-Service Expansion Contract 180